What could your business accomplish with new marketing or advertising? How about new materials? New equipment? Stop wondering and start growing your business with invoice factoring through Utah factoring companies.
| Accounts receivable factoring, also commonly known as invoice factoring, is the process of selling your business’ unpaid invoices for a cash advance. |
The Steps of Invoice Factoring
- Tell us about your business by either giving us a call or filling out an online form.
- Get paired with a factoring company in Utah that fits your business’ wants and needs.
- The factoring company puts your business through a quick approval process.
- Once approved, your business starts submitting invoices for completed work.
- The factoring company contacts your business’ customers and verifies the service was completed or order was filled.
- Your business receives an advance of up to 95 percent of the accounts receivable from the factoring company. The factoring company keeps the remainder as the reserve.
- The customer pays the factor on their normal payment terms.
- The factoring company releases the rest of the reserve to your business, minus a small factoring fee.